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GDP: Measuring a Nation's Income Why does Total Income=Total Expenditure? Which component of GDP is the largest? Which component includes household purchases of new housing? Why are transfer payments are excluded from GDP? GDP Calculation. SHOW ALL YOUR WORK Q of P of Q of Corn P of Corn Q of Rice P of Rice Wheat Wheat 1998 100 $5 50 $ 10 100 $ 2 1999 200 $ 6 70 $ 10 90 $ 3 2000 300 $7 60 $9 80 $ 3 Calculate Nominal GDP 1998: 1999 2000: If Total Spending (Nominal GDP) rises from one year to the next, what are the 2 potential reasons? 1 . 2. Calculate Real GDP (Base year 1998) 1998: 1999 2000: What does real GDP measure by holding the price level constant? Calculate the GDP Deflator 1998: 1999: 2000: What is happening to the Price Level in this economy? Calculate the Growth Rate of the GDP Deflator 1998-1999: 1999-2000: Calculate the Growth Rate of Output (Percentage change in Real GDP). 1998-1999: 1999-2000: What is a recession